The Cannabist Company Announces Normal Course Issuer Bid
14 November 2023 - 1:05PM
Business Wire
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF)
(FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the
largest and most experienced cultivators, manufacturers and
retailers of cannabis products in the U.S., announced today that
its Board of Directors has authorized a normal course issuer bid
(the “NCIB”) to purchase up to 15,000,000 of its common shares
(“Common Shares”), representing approximately 3.6% of its issued
and outstanding Common Shares as at November 9, 2023. The NCIB is
subject to the approval of the CBOE Canada Exchange (the
“CBOE”).
The Company is undertaking the NCIB because its management
believes that, currently, and from time to time, the market price
of its Common Shares may not reflect the underlying value of the
Company’s business and prospects. Management believes that,
at such times, the purchase of Common Shares for cancellation or
other approved corporate purposes would be in the best interests of
the Company’s shareholders and an appropriate use of its cash on
hand.
It is expected that the NCIB period will begin on or around
November 16, 2023 and will end at the latest on or around November
15, 2024. Daily purchases under the NCIB will be limited based on
the applicable rules and policies of the CBOE. The actual number of
Common Shares to be purchased, and the timing of any such
purchases, will be determined by the Company, subject to the
applicable rules and policies of the CBOE. The Company will only
make purchases under the NCIB once all regulatory approvals are
obtained.
The Company has appointed Canaccord Genuity Corp. to coordinate
and facilitate purchases under the Bid.
Although the Company presently intends to purchase Common Shares
under its NCIB, there can be no assurances that any such purchases
will be completed. The purchases will be made through the
facilities of the CBOE and/or any alternative trading system in
Canada. The Company will pay the market price for the Common Shares
at the time of acquisition and the purchases will be made in
accordance with applicable regulatory requirements.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one
of the largest and most experienced cultivators, manufacturers and
providers of cannabis products and related services, with licenses
in 16 U.S. jurisdictions. The Company operates 125 facilities
including 94 dispensaries and 31 cultivation and manufacturing
facilities, including those under development. Columbia Care, now
The Cannabist Company, is one of the original multi-state providers
of cannabis in the U.S. and now delivers industry-leading products
and services to both the medical and adult-use markets. In 2021,
the Company launched Cannabist, its retail brand, creating a
national dispensary network that leverages proprietary technology
platforms. The company offers products spanning flower, edibles,
oils and tablets, and manufactures popular brands including Seed
& Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber.
For more information, please visit www.cannabistcompany.com.
Caution Concerning Forward Looking Statements
This press release contains certain statements that constitute
“forward-looking information” or “forward-looking statements”
within the meaning of applicable securities laws and reflect the
Company’s current expectations regarding future events.
Forward-looking statements or information contained in this release
include, but are not limited to, the execution of the Company’s
announced normal course issuer bid. These forward-looking
statements or information, which although considered reasonable by
the Company, may prove to be incorrect and are subject to known and
unknown risks and uncertainties that may cause actual results,
performance or achievements of the Company to be materially
different from those expressed or implied by any forward-looking
information. In addition, securityholders should review the risk
factors discussed under “Risk Factors” in The Cannabist Company’s
Form 10-K for the year ended December 31, 2022, as, filed with
Canadian and U.S. securities regulatory authorities and described
from time to time in subsequent documents filed with applicable
securities regulatory authorities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231114127475/en/
Investor Contact Lee Ann Evans SVP, Capital Markets
investors@cannabistcompany.com
Media Contact Lindsay Wilson SVP, Communications
media@cannabistcompany.com
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